As a result, the quality of their writings suffers from “hand-waving”. They do not know how to create the rule of law. They just want it.

One has to actually start understanding governance so one can actually get the rule of law.

That requires a really deep understanding of incentives and organisations. Lee Kuan Yew was a grandmaster of governance, but India had its own grandmaster – Chanakya.

ALL economists must spend at least half their time studying governance, else they tend to waste their life in idle banter. For instance, it is easy to talk about economic policy because that is largely a direct implication of basic demand and supply curves. But economic policy does not exist in vacuum. It exists in the context of government.

And their total failure to study government means that economists often talk rubbish and waste other people’s time. Their “advice” and “analysis” is often not worth the paper it is written on.